=+58. GDP 2013, part 2. Consider again the post-1950 trend in U.S. GDP we examined in Exercise 57. Here are a regression and residual plot when we use the log of GDP in the model. Is this a better model for GDP? Explain.

Dependent variable is: Log GDP R squared = 99.1% R squared (adjusted) = 99.1%

s = 0.0241 with 64 - 2 = 62 degrees of freedom Variable Coefficient SE(Coeff) t-ratio P-value Intercept -26.2401 0.3225 -81.4 60.0001 Year 0.013634 0.0002 83.8 60.0001 0.025 0.000

–0.025

–0.050 Residuals 0.50 0.75 1.00 Predicted